Gold Price Hits Record High of Rp1.42 Million per Gram, Up 1.21%

The price of Antam gold bars (PT Aneka Tambang Tbk) reached Rp1.42 million per gram on Wednesday morning (July 17, 2024), according to data from the Logam Mulia website.

This price is up 1.21% or Rp17,000 from the previous price of Rp1.4 million per gram on Tuesday (July 16, 2024), setting a new record high. According to *CNBC Indonesia*, the strengthening of Antam's gold price is in line with the assumption that the US Federal Reserve is becoming more dovish in its outlook on potential interest rates.

During the second quarter, the US central bank conducted calculations. Federal Reserve Chairman Jerome Powell believes that the rate of price increases is returning to the target sustainably. This statement indicates a shift towards interest rate cuts, which are predicted to occur soon.

"In the second quarter, we actually made some progress in bringing inflation down," Powell said at an event at the Economic Club of Washington, as reported on Monday (July 15, 2024).

The following are the prices of Antam gold bars recorded at Logam Mulia on Wednesday (July 17, 2024):

* 0.5 gram gold: Rp760,000
* 1 gram gold: Rp1,420,000
* 2 gram gold: Rp2,780,000
* 3 gram gold: Rp4,145,000
* 5 gram gold: Rp6,875,000
* 10 gram gold: Rp13,695,000
* 25 gram gold: Rp34,112,000
* 50 gram gold: Rp68,145,000
* 100 gram gold: Rp136,212,000
* 250 gram gold: Rp340,265,000
* 500 gram gold: Rp680,320,000
* 1000 gram gold: Rp1,360,600,000

According to *Antaranews*, sales transactions are subject to a tax deduction, in accordance with PMK No. 34/PMK.10/2017. The resale of gold bars to PT Antam Tbk with a nominal value exceeding Rp10 million is subject to a 1.5% PPh 22 tax for taxpayers with a NPWP (Taxpayer Identification Number) and 3% for those without a NPWP. PPh 22 on buyback transactions is deducted directly from the total buyback value.

Regarding the tax deduction on the purchase price of gold, in accordance with PMK Number 34/PMK.10/2017, the purchase of gold bars is subject to a 0.45% PPh 22 tax for taxpayers with a NPWP and 0.9% for those without a NPWP. Each purchase of gold bars is accompanied by a PPh 22 tax withholding receipt.